Main reasons to commence your Blaby lease extension

Main reasons to commence your Blaby lease extension today:

Increase your lease and increase your Blaby property value

As the length of the unexpired term of a Blaby residential lease lessens so does its value and therefore the value of your property. If the lease has, beyond 125 years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease sooner rather than later. Most flat owners in Blaby will qualify for this right; however a conveyancer will be able to confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold properties in Blaby with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Lenders may decide not to grant a mortgage on a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending requirements generally - this has extended to the property over which the mortgage is to be granted. This has meant the unexpired lease term required by banks has increased. Historically banks were content with 25 years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Blaby lease extensions?

Engaging our service will provide you enhanced control over the value of your Blaby leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Blaby Lease Extension Example Cases:

Chelsea, Blaby, Leicestershire,

Trailing unsuccessful discussions with the freeholder of her purpose-built flat in Blaby, Chelsea started the lease extension process just as the lease was nearing the crucial 80-year mark. The lease extension completed in April 2011. The freeholder’s charges were restricted to under 450 GBP.

Blaby case:

Ms Y Evans moved into a ground floor apartment in Blaby in May 2001. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparative premises in Blaby with an extended lease were valued about £264,000. The mid-range amount of ground rent was £60 invoiced yearly. The lease ended in 2079. Given that there were 53 years remaining we approximated the compensation to the landlord for the lease extension to be between £37,100 and £42,800 exclusive of legals.

Blaby case:

In 2014 we were phoned by Dr W Jackson who, having took over the lease of a first floor flat in Blaby in February 1996. We are asked if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparable properties in Blaby with an extended lease were in the region of £220,400. The mid-range ground rent payable was £45 billed monthly. The lease came to a finish in 2090. Having 64 years left we approximated the premium to the landlord to extend the lease to be within £16,200 and £18,600 plus costs.